MESSAGE' 


v>.^" 


THE  PRESIDENT  OF  THE  UNITED  STATES, 


THE  TWO  HOUSES  OF  CONGRESS, 


COMMENCEMENT   OF  THE  THIRD   SESSION 


THE  TWENTY-SEVENTH  CONGRESS^ 


WASHINGTON: 

BLAIR  A-ND    RIVES,   PRINTERS, 
1842. 


MESSAGE 


To  the  Senate  and  House  of  Representatives  of  the  United  Stvites: 

We  have  continued  reason  to  express  our  profound  gratitude  to  the  great 
Creator  of  all  things  for  numberless  benefits  conferred  upon  us  as  a  people. 
Blessed  with  genial  seasons,  the  husbandman  has  his  garners  filled  with 
abundance;  and  the  necessaries  of  life,  not  to  speak  of  its  luxuries,  abound 
in  every  direction.  While  in  some  other  nations  steady  and  industrious 
labor  can  hardly  find  the  means  of  subsistence,  the  greatest  evil  which  we 
hax''e  to  encounter  is  a  surplus  of  production  beyond  the  home  demand, 
wliich  seeks,  and  with  difficulty  finds,  a  partial  market  in  other  regions. 
The  health  of  the  country,  with  partial  exceptions,  has,  for  the  past  year, 
been  well  preserved;  and,  under  their  free  and  wise  institutions,  the  Uni- 
ted States  are  rapidly  advancing  towards  the  consummation  of  the  high 
destiny  which  an  overruling  Providence  seems  to  have  marked  out  for 
them.  Exempt  from  domestic  convulsion,  and  at  peace  witlr  all  the  world, 
we  are  left  free  to  consult  as  to  the  best  means  of  securing  and  advancing 
the  happiness  of  the  people.  Such  are  the  circumstances  under  which 
you  now  assemble  in  your  respective  chambers,  and  which  should  lead 
us  to  unite  in  praise  afid  thanksgiving  to  that  great  Being  who  made  us, 
and  who  preserves  us  as  a  nation. 

I  congratulate  you,  fellow-citizens,  on  the  happy  change  in  the  aspect , 
of  our  foreign  affairs  since  my  last  annual  Message.  Causes  of  complaint 
at  that  time  existed  between  the  United  States  and  Great  Britain,  which, 
attended  by  irritating  circumstances,  threatened  most  seriously  the  public 
peace.  The  difficulty  of  adjusting  amicably  the  questions  at  issue  be- 
tween the  two  countries,  was,  in  no  small  degree,  augmented  by  the 
lapse  of  time  since  they  had  their  origin.  The  opinions  entertained  by 
the  Executive  on  several  of  the  leading  topics  in  dispute,  were  frankly 
set  forth  in  the  Message  at  the  opening  of  your  late  session.  The  appoint- 
ment of  a  special  minister  by  Great  Britain  to  the  United  States,  with 
power  to  negotiate  upon  most  of  the  points  of  diff"erence,  indicated  a  de- 
sire on  her  part  amicably  to  adjust  them  ;  and  that  minister  was  met  by 
the  Executive  in  the  same  spirit  which  had  dictated  his  mission.  The 
treaty  consequent  thereon,  having  been  duly  ratified  by  the  two  Gov^ern- 
ments,  a  copy,  together  with  the  correspondence  which  accompanied  it, 
is  lierewith  communicated.  I  trust  that,  whilst  you  may  see  in  it  nothing 
objectionable,  it  may  be  the  means  of  preserving,  for  an  indefinite  period, 
the  amicable  relations  happily  existing  between  the  two  Governments. 
The  question  of  peace  or  war  between  the  United  States  and  Great 
Britain,  is  a  question  of  the  deepest  interest,  not  only  to  themselves,  but 
to  the  civilized  world ;  since  it  is  scarcely  possible  that  a  war  could  exist 
between  them,  without  endangering  the  peace  of  Christendom.  The  im- 
mediate effect  of  the  treaty  upon  ourselves  Avill  be  felt  in  the  security 
afforded  to  mercantile  enterprise,  which,  no  longer  apprehensive  of  inter- 


•ruption,  adventures  its  speculations  in  the  most  distant  sea;  and,  freighted 
with  the  diversified  productions  of  every  land,  returns  to  bless  our  own. 
There  is  nothing  in  the  treaty  which,  in  the  slightest  degree,  compromits 
the  honor  or  dignity  of  either  nation.  Next  to  the  settlement  of  the 
boundary  line,  which  must  always  be  a  matter  of  difficulty  between 
States  as  between  individuals,  the  question  which  seemed  to  threaten  the 
greatest  embarrassment  was  that  connected  with  the  African  slave-trade. 
By  the  10th  article  of  the  treaty  of  Ghent,  it  was  expressly  declared  that 
''whereas  the  traffic  in  slaves  is  irreconcilable  with  the  principles  of  hu- 
manity and  justice;  and  whereas  both  his  Majesty  and  the  United  States 
are  desirous  of  continuing  their  efforts  to  promote  its  entire  abolition;  it  is 
hereby  agreed  that  both  the  contracting  parties  shall  use  their  best  en- 
deavors to  accomplish  so  desirable  an  object."  In  the  enforcement  ofthe 
laws  and  treaty  stipulations  of  Great  Britain,  a  practice  had  threatened  to 
grow  up,  on  the  part  of  its  cruisers,of  subjecting  to  visitation  ships  sailing 
under  the  American  flag,  w4iich,  while  it  seriously  involved  our  maritime 
rights,  would  subject  to  vexation  a  branch  of  our  trade  which  was  daily 
increasing,  and  \vhich  required  the  fostering  care  ofthe  Government.  And 
although  Lord  Aberdeen,  in  his  correspondence  with  the  American 
envoys,  at  London,  expressly  disclaimed  all  right  to  detain  an  American 
ship  on  the  high  seas,  even  if  found  with  a  cargo  of  slaves  on  board,  and 
restricted  the  British  pretension  to  a  mere  claim  to  visit  and  inquire;  vet  it 
could  not  well  be  discerned  by  the  Executive  of  the  United  States  how 
such  visit  and  inquiry  could  be  made  without  detention  on  the  voyage, 
and  consequent  interruption  to  the  trade.  It  was  regarded  as  the  right  of 
search,  presented  only  in  a  new  form,  and  expressed  in  different  words ; 
and  I  therefore  felt  it  to  be  my  duty  distinctly  to  declare,  in  my  annual 
Message  to  Congress,  that  no  such  concession  could  be  made,  and  that  the 
United  States  had  both  the  will  and  the  ability  to  enforce  their  own  laws, 
and  to  protect  their  flag  from  being  used  for  purposes  wholly  forbidden  by 
those  laws,  and  obnoxious  to  the  moral  censure  ofthe  world.  Taking- 
the  Message  as  his  letter  of  instructions,  our  then  Minister  at  Paris  felt 
himself  required  to  assume  the  same  ground  in  a  remonstrance  which 
he  felt  it  to  be  his  duty  to  present  to  M.  Guizot,  and,  through  him,  to  the 
King  of  the  French,  against  what  has  been  called  the  Quintuple  Treaty; 
and  his  conduct,  in  this  respect,  met  with  the  approval  of  this  Government. 
In  close  conformity  with  these  views,  the  eighth  article  of  the  treaty  was 
framed,  which  provides  that  "  each  nation  shall  keep  afloat  in  the  African 
seas  a  force  of  not  less  than  eighty  guns,  to  act  separately  and  apart,  under 
instructions  from  their  respective  Governments,  and  for  the  enforcement 
of  their  respective  laws  and  obligations."  From  this  it  will  be  seen  that 
the  ground  assumed  in  the  Message  has  been  fully  maintained,  at  the 
same  time  that  the  stipulations  ofthe  treaty  of  Ghent  are  to  be  carried  out 
in  good  faith  by  the  two  countries,  and  that  all  pretence  is  removed  for 
interference  with  our  commerce,  for  any  purpose  whatever,  by  a  foreign 
Government.  While,  therefore,  the  United  States  have  been  standing  up 
for  the  freedom  ofthe  seas,  they  have  not  thought  proper  to  make  that  a 
|)retext  for  avoiding  a  fulftlmen't  of  their  treaty  stipulations,  or  a  ground 
for  giving  countenance  to  a  trade  reprobated  by  our  laws.  A  similar 
arrangement  by  the  other  great  powers  could  not  fail  to  sweep  from  the 
ocean  the  slave-trade,  without  the  interpolation  of  any  new  principle  into 
the  maritime  code.     We  may  be  permitted  to  hope  that  the  example  thus 


598658 


set  will  be  followed  by  some,  if  not  all  of  ihem.  We  thereby  also  afford- 
suitable  protection  to  the  fair  trader  in  those  seas;  thus  fulfilling  at  the 
same  time  the  dictates  of  a  sound  policy,  and  complying  with  the  claims 
of  justice  and  humanity. 

It  would  have  furnished  additional  cause  for  congratulation,  if  the 
treaty  could  have  embraced  all  subjects  calculated  in  future  to  lead  to  a 
misunderstanding  between  the  two  Governments.  The  territory  of  the 
United  States,  commonly  called  the  Oregon  Territory,  lying  on  the  Pa- 
cific- ocean,  north  of  the  forty-second  degree  of  latitude,  to  a  portion  of 
which  Great  Britain  lays  claim,  begins  to  attract  the  attention  of  our  fel- 
low-citizens; and  the  tide  of  population,  which  has  reclaimed  what  was 
so  lately  an  unbroken  wilderness  in  more  contiguous  regions,  is  prepar- 
ing to  flow  over  those  vast  districts  which  stretch  from  the  Rocky  moun- 
tains to  the  Pacific  ocean.  In  advance  of  the  acquirement  of  individual 
rights  to  these  lands,  sound  policy  dictates  that  every  effort  should  be  re- 
sorted to  by  the  two  Governments  to  settle  their  respective  claims.  It 
became  manifest,  at  an  early  hour  of  the  late  negotiations,  that  any  at- 
tempt, for  the  time  being,  satisfactorily  to  determine  those  rights,  would 
lead  to  a  protracted  discussion,  which  might  embrace  in  its  failure  other 
more  pressing  matters;  and  the  Executive  did  not  regard  it  as  proper  to 
-waive  all  the  advantages  of  an  honorable  adjustment  of  other  difficulties 
of  great  magnitude  and  importance,  because  this,  not  so  immediately 
pressing,  stood  in  the  way.  Although  the  difficulty  referred  to  may  not, 
for  several  years  to  come,  involve  the  peace  of  the  two  countries,  yet  I 
shall  not  delay  to  urge  on  Great  Britain  the  importance  of  its  early  settle- 
ment. Nor  will  other  matters  of  commercial  importance  to  the  two 
countries  be  overlooked;  and  I  have  good  reason  to  believe  that  it  will 
comport  with  the  policy  of  England,  as  it  does  with  that  of  the  United 
States,  to  seize  upon  this  moment,  when  most  of  the  causes  of  irritation 
have  passed  away,  to  cement  the  peace  and  amity  of  the  two  countries, 
by  wisely  removing  all  grounds  of  probable  future  collision. 

With  the  other  powers  of  Europe  our  relations  continue  on  the  most 
amicable  footing.  Treaties  now  existing  with  them  should  be  rigidly  ob- 
served; and  every  opportunity,  compatible  with  the  interests  of  the  United 
States,  should  be  seized  upon  to  enlarge  the  basis  of  commercial  inter- 
course. Peace  with  all  the  world  is  the  true  foundation  of  our  policy^ 
which  can  only  be  rendered  permanent  by  the  practice  of  equal  and  im- 
partial justice  to  all.  Our  great  desire  should  be  to  enter  only  into  that 
rivalry  which  looks  to  the  general  good,  in  the  cultivation  of  the  sciences,^ 
the  enlargement  of  the  field  for  the  exercise  of  the  mechanical  arts,  and 
the  spread  of  commerce  (that  great  civilizer)  to  every  land  and  sea. 
Carefully  abstaining  from  interference  in  all  questions  exclusively  refer- 
ring themselves  to  the  political  interests  of  Europe,  we  may  be  permitted 
to  hope  an  equal  exemption  from  the  interference  of  European  Govern- 
ments in  what  relates  to  the  States  of  the  American  continent. 

On  the  23d  of  April  last,  the  commissioners  on  the  part  of  the  United 
States,  under  the  convention  with  the  Mexican  Republic  of  the  11th  of 
April,  1839,  made  to  the  proper  department  a  final  report  in  relation  to 
the  proceedings  of  the  commission.  From  this  it  appears  that  the  total 
amount  awarded  to  the  claimants  by  the  commissioners  and  the  umpire 
appointed  under  that  convention,  was  two  million  twenty-six  tliousand 
and  seventy-nine  dollars  and  sixty-eight  cents.     The  arbiter  having  con- 


sidered  that  his  functions  were  required  by  the  convention  to  terminate  at 
the  same  time  with  those  of  the  commissioners,  returned  to  the  board, 
undecided  for  want  of  time,  claims  which  had  been  allowed  by  the 
American  commissioners,  to  the  amount  of  nine  hundred  and  twenty- 
eight  thousand  six  hundred  and  twenty  dollars  and  eighty-eight  cents. 
Other  claims,  in  which  the  amount  sought  to  be  recovered  was  three 
million  three  hundred  and  thirty-six  thousand  eight  hundred  and  thirty- 
seven  dollars  and  five  cents,  were  submitted  to  the  board  too  late  for  its 
consideration.  The  Minister  of  the  United  States  at  Mexico  has  been 
duly  authorized  to  make  demand  for  the  payment  of  the  awards,  according 
to  the  terms  of  the  convention,  and  the  provisions  of  the  act  of  Congress 
of  the  12th  of  June,  1840.  He  has  also  been  instructed  to  communicate 
to  that  Government  the  expectations  of  the  Government  of  the  United 
States  in  relation  to  those  claims  which  were  not  disposed  of  according  to 
the  provisions  of  the  convention,  and  all  others  of  citizens  of  the  United 
States  against  the  Mexican  Government.  He  has  also  been  furnished 
v/ith  other  instructions,  to  be  followed  by  him  in  case  the  Government  of 
Mexico  should  not  find  itself  in  a  condition  to  make  present  payment  of 
the  amount  of  the  awards,  in  specie  or  its  equivalent. 

I  am  happy  to  be  able  to  say  that  information  which  is  esteemed  fa- 
vorable, both  to  a  just  satisfaction  of  the  awards,  and  a  reasonable  provision 
for  other  claims,  has  been  recently  received  from  Mr.  Thompson,  the  Min- 
ister of  the  United  States,  who  has  promptly  and  efficiently  executed 
the  instructions  of  his  Government  in  regard  to  this  important  subject. 

The  citizens  of  the  United  States  who  accompanied  the  late  Texan  ex- 
pedition to  Santa  Fe,  and  who  were  wrongfully  taken  and  held  as  pris- 
oners of  war  in  Mexico,  have  all  been  liberated. 

A  correspondence  has  taken  place  between  the  Department  of  State  and 
the  Mexican  Minister  of  Foreign  Affairs,  upon  the  complaint  of  Mexico 
.that  citizens  of  the  United  States  v/ere  permitted  to  give  aid  to  the  inhab- 
itants of  I'exas  in  the  war  existing  between  her  and  that  republic. 
■Copies  of  this  correspondence  are  herewith  communicated  to  Congress, 
together  with  copies  of  letters  on  the  same  subject,  addressed  to  the 
diplomatic  cor^s  at  Mexico,  by  the  American  Minister  and  the  Mexican 
Secretary  of  State. 

Mexico  has  thought  proper  to  reciprocate  the  mission  of  the  United 
States  to  that  Government,  by  accrediting  to  this  a  minister  of  the  same 
rank  as  that  of  the  representative  of  the  United  States  in  Mexico.  From 
the  circumstances  connected  v/ith  his  mission,  favorable  results  are  an- 
ticipated from  it.  It  is  so  obviously  for  the  interest  of  both  countries  as 
neighbors  andfriends,  that  all  just  causes  of  mutual  dissatisfaction  should  be 
removed,  that  it  is  to  be  hoped  neither  will  omit  or  delay  the  employment 
of  any  practicable  and  honorable  means  to  accomplish  that  end. 

The  affairs  pending  between  this  Government  and  several  others  of  the 
States  of  this  hemisphere  formerly  under  the  dominion  of  Spain,  have 
again,  within  the  past  year,  been  materially  obstructed  by  the  military- 
revolutions  and  conflicts  in  those  countries. 

The  ratifications  of  the  treaty  between  the  United  States  and  the  Re- 
tpublic  of  Ecuador,  of  the  13th  of  June,  1839,  have  been  exchanged,  and 
that  instrument  has  been  duly  promulgated  on  the  part  of  this  Govern- 
■ment.  Copies  are  now  communicated  to  Congress,  with  a  view  to  enable 
that  body  to  make  such  changes  in  the  laws  applicable  to  our  intercourse 
with  that  Republic  as  may  be  deemed  requisite. 


6 

Provision  has  been  made  by  the  Government  of  Chili  for  the  payment 
of  the  claim  on  account  of  the  illegal  detention  of  the  brig  Warrior  at 
Coquimbo,  in  1820.  This  Government  has  reason  to  expect  that  other 
claims  of  our  citizens  against  Chili  will  be  hastened  to  a  final  and  satis- 
factory close. 

The  empire  of  Brazil  has  not  been  altogether  exempt  from  those  con- 
vulsions which  so  constantly  afflict  the  neighboring  republics.  Disturb- 
ances which  recently  broke  out  are,  however,  now  understood  to  be 
quieted.  But  these  occurrences,  by  threatening  the  stability  of  the  Gov- 
ernments, or  by  causing  incessant  and  violent  changes  in  them,  or  in  the 
persons  who  administer  them,  tend  greatly  to  retard  provisions  for  a  just 
indemnity  for  losses  and  injuries  suifered  by  individual  subjects  or  citi- 
zens of  other  States.  The  Government  of  the  United  States  will  feel  it 
to  be  its  duty,  however,  to  consent  to  no  delay,  not  unavoidable,  in  making 
satisfaction  for  wrongs  and  injuries  sustained  by  its  own  citizens.  Many 
years,  having,  in  some  cases,  elapsed,  a  decisive  and  effectual  course  of 
proceeding  will  be  demanded  of  the  respective  Governments  against 
whom  claims  have  been  preferred. 

The  vexatious,  harassing,  and  expensive  war  which  so  long  prevailed 
with  the  Indian  tribes  inhabiting  the  peninsula  of  Florida,  has  happily 
Taeen  terminated;  whereby  our  army  has  been  relieved  from  a  service  of 
the  most  disagreeable  character,  and  the  treasury  from  a  large  expendi- 
ture. Some  casual  outbreaks  may  occur,  such  as  are  incident  to  the  close 
proximity  of  border  settlers  and  the  Indians;  but  these,  as  in  all  other 
cases,  may  be  left  to  the  care  of  the  local  authorities,  aided,  when  occasion 
may  require,  by  the  forces  of  the  United  States.  A  sufficient  number  of 
troops  will  be  maintained  in  Florida,  so  long  as  the  remotest  apprehen- 
sions of  danger  shall  exist;  yet  their  duties  will  be  limited  rather  to  the 
garrisoning  of  the  necessary  posts,  than  to  the  maintenance  of  active  hos- 
tilities. It  is  to  be  hoped  that  a  territory,  so  long  retarded  in  its  growth, 
will  now  speedily  recover  from  the  evils  incident  to  a  protracted  war, 
exhibiting, in  the  increased  amountof  its  rich  productions,  true  evidences  of 
returning  wealth  and  prosperity.  By  the  practice  of  rigid  justice  towards 
the  numerous  Indian  tribes  residing  within  our  territorial  limits,  and  the 
exercise  of  a  parental  vigilance  over  tlieir  interests,  protecting  them  against 
fraud  and  intrusion,  and  at  the  same  time  using  every  proper  expedient 
to  introduce  among  them  the  arts  of  civilized  life,  we  may  fondly  hope 
not  only  to  wean  them  from  their  love  for  war,  but  to  inspire  them  with 
a  love  for  peace  and  all  its  avocations.  With  several  of  the  tribes,  great 
progress  in  civilizing  them  has  already  been  made.  The  schoolmaster 
and  the  missionary  are  found  side  by  side;  and  the  remnants  of  what  were 
once  numerous  and  powerful  naticwns,  may  yet  be  preserved  as  the  builders 
up  of  a  new  name  for  themselves  and  their  .posterity. 

The  balance  in  the  treasury  on  the  1st  of  January,  1842,  (exclusive  of 
the  amount  deposited  with  the  States,  trust  fuiids  and  indemnities,)  was 
^230,483  68.  The  receipts  into  the  treasury  during  the  three  first  quar- 
ters of  the  present  year,  from  all  sources,  amount  to  $26,616,593  78;  of 
which  more  than  fourteen  millions  were  received  from  customs,  and 
about  one  million  from  the  public  lands.  The  receipts  for  the  fourth 
quarter  are  estimated  at  nearly  eight  millions;  of  which  four  millions  are 
expected  from  customs,  and  three  millions  and  a  half  from  loans  and 
treasury  notes.     The  expenditures  of  the  first  three  quarters  of  the  pres- 


ent  year  exceed  twenty-six  millions;  and  those  estimated  for  the  fourth 
quarter  amount  to  about  eight  millions;  and  it  is  anticipated  there  will  he 
a  deficiency  of  half  a  million  on  the  1st  of  January  next;  but  that  the 
amount  of  outstanding  warrants  (estimated  at  $800,000)  will  leave  an- 
actual  balance  of  about  |>224,000  in  the  treasury.  Among  the  expen- 
ditures of  the  year,  are  more  than  eight  millions  for  the  public  debt,  and 
$600,000  on  account  of  the  distribution  to  the  States  of  the  proceeds  of 
salei  of  the  public  lands. 

The  present  tariff  of  duties  was  somewhat  hastily  and  hurriedly  passed 
near  the  close  of  the  late  session  of  Congress.  That  it  should  have  de- 
fects, can,  therefore,  be  surprising  to  no  one.  To  remedy  such  defects  as 
may  be  found  to  exist  in  many  of  its  numerous  provisions,  will  not  fail  to 
claim  your  serious  attention.  It  may  well  merit  inquiry,  whether  the  ex- 
action of  all  duties  in  cash  does  not  call  for  the  introduction  of  a  system 
whicli  has  proved  highly  beneficial  in  countries  where  it  has  been  adopt- 
ed. I  refer  to  the  warehousing  system.  The  first  and  most  prominent 
effect  vv^hich  it  would  produce,  would  be  to  protect  the  market  alike  against 
redundant  or  deficient  supplies  of  foreign  fabrics  ;  both  of  which,  in  the 
long  run,  are  injurious  as  well  to  the  manufacturer  as  to  the  importer.  The 
quantity  of  goods  in  store  being  at  all  times  readily  known,  it  would  en- 
able the  importer,  with  an  approach  to  acc^uracy,  to  ascertain  the  actual 
wants  of  the  market,  and  to  regulate  himself  accordingly.  If,  however, 
he  should  fall  into  error,  by  importing  an  excess  above  the  public  wants, 
he  could  readily  correct  its  evils  by  availing  himself  of  the  benefits  and 
advantages  of  the  system  thus  established.  In  the  storehouse,  the  goods 
imported  would  await  the  demands  of  the  market;  and  their  issues  would 
be  governed  by  the  fixed  principles  of  demand  and  supply.  Thus  an 
approximation  '  ould  be  made  to  a  steadiness  and  uniformity  of  price, 
Avhich,  if  attainable,  would  conduce  to  the  decided  advantage  of  mercan- 
tile and  mechanical  operations. 

The  apprehension  may  be  well  entertained,  that,  without  something  to 
ameliorate  the  rigor  of  cash  payments,  the  entire  import  trade  may  fall 
into  the  hands  of  a  few  wealthy  capitalists  in  this  country  and  in  Europe. 
The  small  importer,  who  requires  all  the  money  he  can  raise  for  invest- 
ments abroad,  and  who  can  but  ill  afford  to  pay  the  lowest  duty,  would 
have  to  subduct  in  advance  a  portion  of  his  funds,  in  order  to  pay  the 
duties,  and  would  lose  the  interest  upon  the  amount  thus  paid  for  all  the 
time  the  goods  might  remain  unsold;  which  might  absorb  his  profits. 
The  rich  capitalist  abroad,  as  well  as  at  home,  would  thus  possess,  after 
a  short  time,  an  almost  exclusive  monopoly  of  the  import  trade;  and  laws 
designed  for  the  benefit  of  all,  would  thus  operate  for  the  benefit  of  the 
few, — a  result  wholly  uncongenial  with  the  spirit  of  our  institutions,  and 
anti-republican  in  all  its  tendencies.  The  warehousing  system  would 
enable  the  importer  to  watch  the  market,  and  to  select  his  own  time  for 
offering  his  goods  for  sale.  A  profitable  portion  of  the  carrying  trade  in 
articles  entered  for  the  benefit  of  drawback,  must  also  be  most  seriously 
affected,  v/ithout  the  adoption  of  some  expedient  to  relieve  the  cash  sys- 
tem. The  warehousing  system  would  afford  that  relief,  since  the  carrier 
would  have  a  safe  recourse  to  the  public  storehouses,  and  might,  without 
advancing  the  duty,  reship  within  some  reasonable  period  to  foreign 
ports.  A  further  effect  of  the  measure  would  be  to  supersede  the  system 
of  drawbacks,  thereby  effectually  protecting  the   Government    against 


8 

fraud,  as  the  right  of  debenture  would   not  attach  to  goods   after  their 
withdrawal  from  the  public  stores. 

In  revising  the  existing  tariff"  of  duties,  should  you  deem  it  proper  to  do 
so  at  your  present  session,  I  can  only  repeat  the  suggestions  and  recom- 
mendations which,  upon  several  occasions,  I  have  heretofore  felt  it  to  be 
my  duty  to  off"er  to  Congress. ,  The  great  primary  and  controlling  inter- 
est of  the  American  people  is  union;  union,  not  only  in  the  mere  forms  of 
government — forms  which  may  be  broken — ^but  union  founded  in  an  at- 
tachment of  States  and  individuals  for  each  other.  This  union  in  senti- 
ment and  feeling  can  only  be  preserved  by  the  adoption  of  that  course  of 
policy  which,  neither  giving  exclusive  benefits  to  some,  nor  imposing  un- 
necessary burdens  upon  others,  shall  consult  the  interests  of  all,  by  pur- 
suing a  course  of  moderation,  and  thereby  seeking  to  harmonize  public 
opinion,  and  causing  the  people  everywhere  to  feel  and  to  know  that  the 
Government  is  careful  of  the  interests  of  all  alike.  Nor  is  there  any  sub- 
ject in  regard  to  which  moderation,  connected  with  a  wise  discrimination, 
is  more  necessary  than  in  the  imposition  of  duties  on  imports.  Whether 
reference  be  had  to  revenue — the  primary  object  in  the  imposition  of 
taxes — or  to  the  incidents  which  necessarily  flow  h'om  their  imposition, 
this  is  entirely  true.  Extravagant  duties  defeat  their  end  and  object,  not 
only  by  exciting  in  the  public  mind  an  hostility  to  the  manufacturing  in- 
terests, but  by  inducing  a  system  of  smuggling  on  an  extensive  scale,  and 
the  practice  of  every  manner  of  fraud  upon  the  revenue,  which  the  utmost 
vigilance  of  Government  cannot  eff"ectually  suppress.  An  opposite 
course  of  policy  would  be  attended  by  results  essentially  different,  of  which 
eveiy  interest  of  society — and  none  more  than  those  of  the  manufac- 
turer— would  reap  important  advantages.  Among  the  most  striking  of  its 
benefits  would  be  that  derived  from  the  general  acquiescence  of  the  coun- 
try in  its  support,  and  the  consequent  permanency  and  stability  which 
would  be  given  to  all  the  operations  of  industry.  It  cannot  be  too  often 
repeated,  that  no  system  of  legislation  can  be  wise,  which  is  fluctuating 
and  uncertain.  No  interest  can  thrive  under  it.  The  prudent  capitalist 
will  never  adventure  his  capital  in  manufacturing  establishments,  or  in 
any  other  leading  pursuit  of  life,  if  there  exists  a  state  of  uncertainty  as 
to  whether  the  Government  will  repeal  to-morrow  what  it  has  enacted  to- 
day. Fitful  profits,  however  high,  if  threatened  with  a  ruinous  reduction 
by  a  vacillating  policy  on  the  part  of  Government,  will  scarcely  tempt  him 
to  trust  the  money  which  he  has  acquired  by  a  life  of  labor  upon  the  un- 
certain adventure.  I,  therefore,  in  the  spirit  of  conciliation,  and  influ- 
enced by  no  other  desire  than  to  rescue  the  great  interests  of  the  country 
from  the  vortex  of  political  contention,  and  in  the  discharge  of  the  high 
and  solemn  duties  of  the  place  which  I  now  occupy,  recommend  moder- 
ate duties,  imposed  with  a  wise  discrimination  as  to  their  several  objects, 
as  being  not  only  most  likely  to  be  durable,  but  most  advantageous  to 
every  interest  of  society. 

The  report  of  the  Secretary  of  the  War  Department  exhibits  a  very 
full  and  satisfactory  account  of  the  various  and  important  interests  com- 
mitted to  the  charge  of  that  officer.  It  is  particularly  gratifying  to  find 
that  the  expenditures  for  the  military  service  are  greatly  reduced  in 
amount ;  that  a  strict  system  of  economy  has  been  introduced  into  the 
service,  and  the  abuses  of  past  years  greatly  reformed.  The  fortifications 
on  our  maritime  frontier  have  been  prosecuted  with  much  vigor,  and  at 


9 

many  points  our  defences  are  in  a  very  considerable  state  of  forwardness. 
The  suggestions  in  reference  to  the  establishment  of  means  of  communi- 
cation with  our  territories  on  the  Pacific,  and  to  the  surveys  so  essential 
to  a  knowledge  of  the  resources  of  the  intermediate  country,  are  entitled 
to  the  most  favorable  consideration.  While  I  would  propose  nothing  in- 
consistent with  friendly  negotiations  to  settle  the  extent  of  our  claims  in 
that  region,  yet  a  prudent  forecast  points  out  the  necessity  of  such  meas- 
ures as  may  enable  us  to  maintain  our  rights.  The  arrangements  made 
for  preserving  our  neutral  relations  on  the  boundary  between  us  and 
Texas,  and  keeping  in  check  the  Indians  in  that  quarter,  will  be  main- 
tained so  long  as  circumstances  may  require. 

For  several  years  angry  contentions  have  grown  out  of  the  disposition 
directed  by  law  to  be  made  of  the  mineral  lands  held  by  the  Government 
in  several  of  the  States.  The  Government  is  constituted  the  landlord, 
and  the  citizens  of  the  States  wherein  lie  the  lands  are  its  tenants.  The 
relation  is  an  unwise  one ;  and  it  would  be  much  more  conducive  of 
the  public  interest  that  a  sale  of  the  lands  should  be  made,  than  that 
they  should  remain  in  their  present  condition.  The  supply  of  the  ore 
would  be  more  abundantly  and  certainly  furnished  M'-hen  to  be  drawn 
from  the  enterprise  and  the  industry  of  the  proprietor,  than  under  the 
present  system. 

The  recommendation  of  the  Secretary  in  regard  to  the  improvements 
of  the  Western  waters,  and  certain  prominent  harbors  on  the  lakes, 
merits,  and  I  doubt  not  will  receive,  your  serious  attention.  The  great 
importance  of  these  subjects  to  the  prosperity  of  the  extensive  region  re- 
ferred to,  and  the  security  of  the  whole  country  in  time  of  war,  cannot 
escape  observation.  The  losses  of  life  and  property  which  annually  oc- 
cur in  the  navigation  of  the  Mississippi  alone,  because  of  the  dangerous 
obstructions  in  the  river,  make  a  loud  demand,  upon  Congress  for  the 
adoption  of  efficient  measures  for  their  removal. 

The  report  of  the  Secretary  of  the  Navy  will  bring  you  acquainted  with 
that  important  branch  of  the  public  defences.  Considering  the  already 
vast  and  daily  increasing  commerce  of  the  country,  apart  from  the  expo- 
sure to  hostile  inroad  of  an  extended  seaboard,  all  that  relates  to  the 
navy  is  calculated  to  excite  particular  attention.  Whatever  tends  to  add 
to  its  efficiency,  without  entailing  unnecessary  charges  upon  the  treasury, 
is  well  worthy  of  your  serious  consideration.  It  will  be  seen,  that  while 
an  appropriation  exceeding  by  more  than  a  million  the  appropriations  of  the 
present  year,  is  asked  by  the  Secretary,  yet  that,  in  this  sum,  is  proposed 
to  be  included  $400,000  for  the  purchase  of  clothing,  which,  when  once 
expended,  will  be  annually  reimbursed  by  the  sale  of  the  clothes,  and  will 
thus  constitute  a  perpetual  fund,  without  any  new  appropriation  to  the 
same  object.  To  this  may  also  be  added  $50,000  asked  to  cover  the  ar- 
rearages of  past  years,  and  $250,000  in  order  to  maintain  a  competent 
squadron  on  the  coast  of  Afiica;  all  of  which,  when  deducted,  will  reduce 
the  expenditures  nearly  within  the  limits  of  those  of  the  current  year. 
W^hile,  however,  the  expenditures  will  thus  remain  very  nearly  the  same 
as  of  the  antecedent  year,  it  is  proposed  to  add  greatly  to  the  operations  of 
the  marine,  and,  in  lieu  of  only  twenty-five  ships  in  commission,  and  but 
little  in  the  way  of  building,  to  keep,  with  the  same  expenditure,  forty-one 
vessels  atloat,  and  to  build  twelve  ships  of  a  small  class. 

A  strict  system  of  accountabihty  is  established,  and  great  pains  are 


10 

taken  to  insure  industry,  fidelity  and  economy,  in  every  department  of 
duty.  Experiments  have  been  instituted  to  test  the  quality  of  various 
materials,  particularly  copper,  iron,  and  coal,  so  as  to  prevent  fraud  and 
imposition. 

It  will  appear  by  the  report  of  the  Postmaster  General,  that  the  great 
point  which,  for  several  years,  has  been  so  much  desired,  has,  during  the 
current  year,  been  fully  accomplished.  The  expenditures  of  the  depart- 
ment for  the  current  year  have  been  brought  within  its  income,  without 
lessening  its  general  usefulness.  There  has  been  an  increase  of  revenue 
equal  to  $166,000  for  the  year  1842  over  that  of  1841,  without,  as  it  is. 
believed,  any  addition  liaving  been  made  to  the  number  of  letters  and 
newspapers  transmitted  through  the  mails.  The  Post  Office  laws  have 
been  honestlyadministered,and  fidelity  has  been  observed  in  accounting  for, 
and  paying  over  by  the  subordinates  of  the  department,  the  moneys  which 
have  been  received.  For  the  details  of  the  service,  I  refer  you  to  the 
report. 

I  flatter  myself  that  the  exhibition  thus  made  of  the  condition  of  the 
public  administration  will  serve  to  convince  you  that  every  proper  atten- 
tion has  been  paid  to  the  interests  of  the  country  by  those  who  have  been 
called  to  the  heads  of  the  different  departments.  The  reduction  in  the 
annual  expenditures  of  the  Government  already  accomplished,  furnishes 
a  sure  evidence  that  economy  in  the  application  of  the  public  moneys  is 
regarded  as  a  paramount  duty. 

At  peace  with  all  the  world — the  personal  liberty  of  the  citizen  sacredly 
maintained,  and  his  rights  secured  under  political  institutions  deriving  all 
their  authority  from  the  direct  sanction  of  the  people — with  a  soil  fertile 
almost  beyond  example,  and  a  country  blessed  with  every  diversity  of 
climate  and  production,  what  remains  to  be  done  in  order  to  advance  the 
happiness  and  prosperity  of  such  a  people?  Under  ordinary  circumstances, 
this  inquiry  could  readily  be  answered.  The  best  that  probably  could  be 
done  for  a  people  inhabiting  such  a  country,  would  be  to  fortify  their  peace 
and  security  in  the  prosecution  of  their  various  pursuits,  by  guarding  them 
against  invasion  from  without,  and  violence  from  within.  The  rest,  for 
the  greater  part,  might  be  left  to  their  own  energy  and  enterprise.  The 
chief  embarrassments  which,  at  the  moment,  exhibit  themselves,  have 
arisen  from  over-action  ;  and  the  most  difficult  task  which  remains  to  be 
accomplished  is  that  of  correcting  and  overcoming  its  effects.  Between 
the  years  1833  and  1838,  additions  were  made  to  bank  capital  and  bank 
issues,  in  the  form  of  notes  designed  for  circulation,  to  an  extent  enor- 
mously great.  The  question  seemed  to  be,  not  how  the  best  currency- 
could  be  provided,  but  in  what  manner  the  greatest  amount  of  bank  paper 
could  be  put  in  circulation.  Thus,  a  vast  amount  of  what  was  called 
money — since,  for  the  time  being,  it  answered  the  purposes  of  money — 
was  thrown  upon  the  country,  an  over-issue  which  was  attended,  as  a 
necessary  consequence,  by  an  extravagant  increase  of  the  prices  of  all  articles 
of  property,  the  spread  of  a  speculative  mania  all  over  the  country,  and  has 
finally  ended  in  a  general  indebtedness  on  the  part  of  States  and  in- 
dividuals, the  prostration  of  pubhc  and  private  credit,  a  depre-^iation 
in  the  market  value  of  real  and  personal  estate,  and  has  left  large  dis- 
tricts of  country  almost  entirely  without  any  circulating  medium.  In 
viev/  of  the  fact  that,  in  1830,  the  whole  bank-note  circulation  within 
the    United   States    amounted    to    but    .$61,323,898,  according    to    the 


n 

Treasury  statements,  and  that  an  addition  had  been  made  thereto  of 
the  enormous  sum  of  $88,000,000  in  seven  years,  (the  circulation  on 
the  1st  January,  1837,  being  stated  at  $149,185,890,)  aided  by  the  great 
facihties  afforded  ni  obtaining  loans  from  European  capitalists,  who  were 
seized  with  the  same  speculative  mania  which  prevailed  in  the  United 
States — and  the  large  importations  of  funds  from  abroad,  the  result  of 
stock  sales  and  loans — no  one  can  be  surprised  at  the  apparent,  but  un- 
substantial, state  of  prosperity  which  everywhere  prevailed  over  the  land; 
and  while  little  cause  of  surprise  should  be  felt  at  the  present  prostration 
of  everything,  and  the  ruin  which  has  befallen  so  many  of  our  fellow- 
citizens  in  the  sudden  withdrawal  from  circulation  of  so  large  an  amount 
of  bank  issues  since  1837 — exceeding,  as  is  believed,  the  amount  added 
ot  the  paper  currency  for  a  similar  perdod  antecedent  to  1837 — it  ceases  to 
be  a  matter  of  astonishment  that  such  extensive  shipwreck  should  have 
been  made  of  private  fortunes,  or  that  difficulties  should  exist  in  meeting 
their  engagements  on  the  part  of  the  debtor  States.  Apart  from  which, 
if  there  be  taken  into  account  the  immense  losses  sustained  in  the 
dishonor  of  numerous  banks,  it  is  less  a  matter  of  surprise  that  insolv- 
ency should  have  visited  many  of  our  fellovz-citizens,  than  that  so  many 
should  have  escaped  the  blighting  influences  of  the  times. 

In  the  solemn  conviction  of  these  truths,  and  with  an  ardent  desire  to 
meet  the  pressing  necessities  of  the  country,  I  felt  it  to  be  my  duty  to 
cause  to  be  submitted  to  you,  at  the  commencement  of  your  late  session, 
the  plan  of  an  Exchequer;  the  whole  power  and  duty  of  maintaining^ 
which,  in  purity  and  vigor,  was  to  be  exercised  by  the  Representatives 
of  the  people  and  of  the  States,  and,  therefore,  virtually  by  the  people  them- 
selves. It  was  proposed  to  place  it  under  the  control  and  direction  of  a 
treasury  board,  to  consist  of  three  commissioners,  whose  duty  it  should 
be  to  see  that  the  law  of  its  creation  was  faithfully  executed;  and  that  the 
great  end  of  supplying  a  paper  medium  of  exchange,  at  all  times  converti- 
ble into  gold  and  silver,  should  be  attained.  The  board,  thus  consti- 
tuted, was  given  as  much  permanency  as  could  be  imparted  to  it,  without 
endangering  the  proper  share  of  responsibility  which  should  attach  to  all 
public  agents.  In  order  to  insure  all  the  advantages  of  a  well-matured 
experience,  the  commissioners  were  to  hold  their  offices  for  the  respective 
periods  of  two,  four,  and  six  years;  thereby  securing,  at  all  times,  in  the 
management  of  the  Exchequer,  the  services  of  two  men  of  experience; 
and  to  place  them  in  a  condition  to  exercise  perfect  independence  of  mind 
and  action,  it  was  provided  that  their  removal  should  only  take  place  for 
actual  incapacity  or  infidelity  to  the  trust,  and  to  be  followed  by  the  President 
with  an  exposition  of  the  causes  of  such  removal,  should  it  occur.  It  was 
proposed  to  establish  subordinate  boards  in  each  of  the  States,  under  the 
same  restrictions  and  limitations  of  the  power  of  removal,  which,  with 
the  central  board,  should  receive,  safely  keep,  and  disburse  the  public 
moneys;  and  in  order  to  furnish  a  sound  paper  medium  of  exchange,  the 
Exchequer  should  retain  of  the  revenues  of  the  Government  a  sum  not  to 
exceed  $5,000,000  in  specie,  to  be  set  apart  as  required  by  its  operations, 
and  to  pay  the  public  creditor,  at  his  own  option,  either  in  specie  or  treas- 
ury notes,  of  denominations  not  less  than  five,  nor  exceeding  one  hun- 
dred dollars;  which  notes  should  be  redeemed  at  the  several  places  of 
issue,  and  to  be  receivable  at  all  times  and  everywhere  in  payment  of 
Government  dues;  with  a  restraint  upon  such  issue  of  bills,  that  the  same 


12 

should  not  exceed  the  maximum  of  $15,01)0,000.  In  order  to  guard 
against  all  the  hazards  incident  to  fluctuations  in  trade,  the  Secretary  of 
the  Treasury  was  invested  with  authority  to  issue  $5,000,000  of  Govern- 
ment stock,  should  the  same  at  any  time  be  regarded  as  necessary,  in 
order  to  place  beyond  hazard  the  prompt  redemption  of  the  bills  which 
might  be  thrown  into  circulation:  thus,  in  fact,  making  the  issue  of 
$15,000,000  of  Exchequer  bills  rest  substantially  on  $10,000,000; 
and  keeping  in  circulation  never  more  than  one  and  one-half  dollar 
for  every  dollar  in  specie.  When  to  this  it  is  added  that  the  bills  are 
not  only  everywhere  receivable  in  Government  dues,  but  that  the  Gov- 
ernment itself  would  be  bound  for  their  ultimate  redemption,  no  rational 
doubt  can  exist  that  the  paper  which  the  Exchequer  would  furnish  would 
readily  enter  into  general  circulation,  and  be  maintained  at  all  times  at  or 
above  par  with  gold  and  silver ;  thereby  realizing  the  great  want  of  the 
age,  and  fulfilling  the  wishes  of  the  people.  In  order  to  reimburse  the 
Government  the  expenses  of  the  plan,  it  was  proposed  to  invest  the  Ex- 
chequer Avith  the  limited  authority  to  deal  in  bills  of  exchange,  unless 
prohibited  by  the  State  in  which  an  agency  might  be  situated,  having 
only  thirty  days  to  run,  and  resting  on  a  fair  and  bona  fide  basis.  The 
legislative  will  on  this  point  might  be  so  plainly  announced,  as  to  avoid 
all  pretext  for  partiality  or  favoritism.  It  was  furthermore  proposed  to  in- 
vest this  treasury  agent  with  authority  to  receive  on  deposite,  to  a  limited 
amount,  the  specie  funds  of  individuals,  and  to  grant  certificates  therefor, 
to  be  redeemed  on  presentation,  under  the  idea  (which  is  believed  to  be 
well  founded)  that  such  certificates  would  come  in  aid  of  the  Exchequer 
bills  in  supplying  a  safe  and  ample  paper  circulation.  Or,  if  in  place  of 
the  contemplated  dealings  in  exchange,  the^Exchequer  should  be  author- 
ized not  only  to  exchange  its  bills  for  actual  deposites  of  specie,  but  for 
specie  or  its  equivalents  to  sell  drafts,  charging  therefor  a  small  but  rea- 
sonable premium,  I  cannot  doubt  but  that  the  benefits  of  the  law  would 
be  speedily  manifested  in  the  revival  of  the  credit,  trade,  and  business  of 
the  whole  country.  Entertaining  this  opinion,  it  becomes  my  duty  to 
urge  its  adoption  upon  Congress,  by  reference  to  the  strongest  considera- 
tions of  the  public  interests,  with  such  alterations  in  its  details  as  Con- 
gress may  in  its  wisdom  see  fit  to  make. 

I  am  well  aware  that  this  proposed  alteration  and  amendment  of  the 
laws  establishing  the  Treasury  Department  has  encountered  various  ob- 
jections; and  that,  among  Others,  it  has  been  proclaimed  a  Government 
bank  of  fearful  and  dangerous  import.  It  is  proposed  to  confer  upon  it 
no  extraordinary  powers.  It  purports  to  do  no  more  than  pay  the  debts 
of  the  Government  with  the  redeemable  paper  of  the  Government;  in 
which  respect,  it  accomplishes  precisely  what  the  Treasury  does  daily  at 
this  time — in  issuing  to  the  public  creditors  the  treasury  notes,  which,  un- 
der law,  it  is  authorized  to  issue.  It  has  no  resemblance  to  an  ordinary 
bank,  as  it  furnishes  no  profits  to  private  stockholders,  and  lends  no  capi- 
tal to  individuals.  If  it  be  objected  to  as  a  Government  bank,  and  the  ob- 
jection be  available,  then  should  all  the  laws  in  relation  to  the  Treasury  be 
repealed,  and  the  capacity  ofthe  Government  to  collect  what  is  due  to  it, 
or  pay  what  it  owes,  be  abrogated. 

This  is  the  chief  purpose  ofthe  proposed  Exchequer;  and  surely,  if,  in  the 
aQcomplishment  of  a  purpose  so  essential,  it  affords  a  sound  circulating 
medium  to  the  country  and  facihties  to  trade,  it  should  be  regarded  as  no 


13 

slight  recommendation  of  it  to  public  consideration.  Properly  guarded 
by  the  provisions  of  law,  it  can  run  into  no  dangerous  evil;  nor  can  any 
abuse  arise  under  it,  but  such  as  the  Legislature  itself  will  be  answera- 
ble for,  if  it  be  tolerated;  since  it  is  but  the  creature  of  the  law,  and 
is  susceptible  at  all  times  of  modification,  amendment,  or  repeal,  at 
the  pleasure  of  Congress.  I  know  that  it  has  been  objected  that  the 
system  would  be  liable  to  be  abused  by  the  legislature — by  whom 
alone  it  could  be  abused — in  the  party  conflicts  of  the  day;  that 
such  abuse  Avould  manifest  itself  in  a  change  of  the  law,  which 
would  authorize  an  excessive  issue  of  paper  for  the  purpose  of  inflating 
prices  and  winning  popular  favor.  To  that  it  may  be  answered,  that  the 
ascription  of  such  a  motive  to  Congress  is  altogether  gratuitous  and  inad- 
missible. The  theory  of  our  institutions  would  lead  us  to  a  diflerent  con- 
clusion. But  a  perfect  security  against  a  proceeding  so  reckless  would  be 
found  to  exist  in  the  very  nature  of  things.  The  political  party  which 
should  be  so  blind  to  the  true  interests  of  the  country  as  to  resort  to  such 
an  expedient,  would  inevitably  meet  with  a  final  overthrow,  in  the  fact  that, 
the  moment  the  paper  ceased  to  be  convertible  into  specie,  or  otherwise 
promptly  redeemed,  it  would  become  worthless,  and  would,  in  the  end, 
dishonor  the  Government,  involve  the  people  in  ruin,  and  such  political 
party  in  hopeless  disgrace.  At  the  same  time,  such  a  view  involve.s  the 
utter  impossibility  of  furnishing  any  currency  other  than  that  of  the  pre- 
cious  metals;  for, 'if  the  Government  itself  cannot  forego  the  temptation  of 
excessive  paper  issues,  what  reliance  can  be  placed  in  corporations,  upon 
whom  the  temptations  of  individual  aggrandizement  would  most  strongly 
operate?  The  people  would  have  to  blame  none  but  themselves  for  any 
injury  that  might  arise  from  a  course  so  reckless,  since  their  agents  would 
be  the  wrongdoers,  and  they  the  passive  spectators. 

There  can  be  but  three  kinds  of  public  currency:  1st.  Gold  and  silver; 
2d.  The  paper  of  State  institutions;  or,  3d.  A  representative  of  the  pre- 
cious metals,  provided  by  the  General  Government,  or  under  its  authority. 
The  sub-treasury  system  rejected  the  last,  in  any  form;  and,  as  it  was  be- 
lieved that  no  reliance  could  be  placed  on  the  issues  of  local  institutions, 
for  the  purposes  of  general  circulation,  it  necessarily  and  unavoidably 
adopted  specie  as  the  exclusive  currency  for  its  own  use.  And  this  must 
ever  be  the  case,  unless  one  of  the  other  kinds  be  used.  The  choice,  in 
the  present  state  of  public  sentiment,  lies  between  an  exclusive  specie  cur- 
rency on  the  one  hand,  and  Government  issues  of  some  kind  on  the  other. 
That  these  issues  cannot  be  made  by  a  chartered  institution,  is  supposed 
to  be  conclusively  settled.  They  must  be  made,  then,  directly  by  Gov- 
ernment agents.  For  several  years  past,  they  have  been  thus  made  in 
the  form  of  treasury  notes,  and  have  answered  a  valuable  purpose.  Their 
usefulness  has  been  limited  by  their  being  transient  and  temporary ;  their 
ceasing  to  bear  interest  at  given  periods,  necessarily  causes  their  speedy 
return,  and  thus  restricts  their  range  of  circulation;  and  being  used  only 
in  the  disbursements  of  Government,  they  cannot  reach  those  points 
where  they  are  most  required.  By  rendering  their  use  permanent,  to  the 
moderate  extent  already  mentioned,  by  oflering  no  inducement  for  their 
return,  and  by  exchanging  them  for  coin  and  other  values,  they  will  con- 
stitute, to  a  certain  extent,  the  general  currency  so  much  needed  to  mam- 
tain  the  internal  trade  of  the  country.  And  this  is  the  Exchequer  plan, 
so  far  as  it  may  operate  in  furnishing  a  currency. 


14 

I  cannot  forego  the  occasion  to  urge  its  importance  to  the  credit  of  the 
Government  in  a  financial  point  of  view.  The  great  necessity  of  resort- 
ing to  every  proper  and  becoming  expedient,  in  order  to  place  the  treas- 
luy  on  a  footing  of  the  highest  respectability,  is  entirely  obvious.  The 
credit  of  the  Government  may  be  regarded  as  the  very  soul  of  the  Gov- 
ernment itself — a  principle  of  vitality,  without  which  all  its  movements 
are  languid,  and  all  its  operations  embarrassed.  In  this  spirit  the  Exe- 
cutive felt  itself  bound,  by  the  most  imperative  sense  of  duty,  to  submit 
to  Congress,  at  its  last  session,  the  propriety  of  making  a  specific  pledge 
of  the  land  fund,  as  the  basis  for  the  negotiation  of  the  loans  authorized 
to  be  contracted.  I  then  thought  that  such  an  application  of  the  pub- 
lic domain  would,  without  doubt,  liave  placed  at  the  command  of  the 
Government  ample  funds  to  relieve  the  treasury  from  the  temporary 
embarrassments  under  which  it  labored.  American  credit  has  sufiered 
a  considerable  shock  in  Europe,  from  the  large  indebtedness  of  the  States, 
and  the  temporary  inability  of  some  of  them  to  meet  the  interest  on  their 
debts.  The  utter  and  disastrous  prostration  of  the  United  States  Bank  of 
Pennsylvania  had  contributed  largely  to  increase  the  sentiment  of  distrust, 
by  reason  of  the  loss  and  ruin  sustained  by  the  holders  of  its  stock — a  large 
portion  of  whom  were  foreigners,  and  many  of  whom  were  alike  ignorant 
of  our  political  organization,  and  of  our  actual  responsibilities.  It  was  the 
anxious  desire  of  the  Executive  that,  in  the  efiort  to  negotiate  the  loan 
abroad,  the  American  negotiator  might  be  able  to  point  the  money-lender 
to  the  fund  mortgaged  for  the  redemption  of  the  principal  and  interest  of  any 
loan  he  might  contract,  and  thereby  vindicate  the  Government  from  all 
suspicion  of  bad  faith,  or  inability  to  meet  its  engagements.  Congress 
differed  from  the  Executive  in  this  view  of  the  subject.  It  became, 
nevertheless,  the  duty  of  the  Executive  to  resort  to  every  expedient  in 
its  power  to  negotiate  the  authorized  loan.  After  a  failure  to  do  so  in 
the  American  market,  a  citizen  of  high  character  and  talent  was  sent 
to  Europe — with  no  better  success;  and  thus  the  mortifying  spectacle 
has  been  presented,  of  the  inability  of  this  Government  to  obtain  a 
loan  so  small  as  not  in  the  whole  to  amount  to  more  than  one  fourth 
of  its  ordinary  annual  income;  at  a  time  when  the  Governments  of 
Europe,  although  involved  in  debt,  and  with  their  subjects  heavily 
burdened  with  taxation,  readily  obtain  loans  of  any  amount  at  a  greatly 
reduced  rate  of  intei-est.  It  would  he  unprofitable  to  look  further  into 
this  anomalous  slate  of  things;  but  I  cannot  conclude  v%athout  adding, 
that,  for  a  Government  which  has  paid  off  its  debts  of  two  wars 
with  the  largest  maritime  power  of  Europe,  and  now  owing  a  debt  which 
Is  almost  next  to  nothing,  when  compared  with  its  boundless  resources — a 
Governm.ent  the  strongest  in  the  world,  because  emanating-  from  the  popu- 
lar will,  and  firmly  rooted  in  tiie  affections  of  a  great  and  free  people — aud 
whose  fidelity  to  its  engagements  has  never  been  questioned  ; — for  such  a 
Government  to  have  tendered  to  the  capitalists  of  other  countries  an  oppor- 
tunity for  a  small  investment  of  its  stock,  and  yet  to  have  failed,  implies 
either  the  most  unfounded  distrust  in  its  good  faitli,  or  a  purpose,  to  obtain 
which  the  course  pursued  is  the  most  fi\tal  winch  could  hnvo  been  adopted. 
It  has  now  become  obvious  to  all  men  that  the  Government  must  look  to  its 
own  means  for  supplying  its  wants ;  and  it  is  consoling  to  know  that  these 
means  are  altogether  adequate  for  the  object.  The  Exchequer,  if  adopted, 
will  greatly  aid  in  bringing  about  this  result.     Upon  what  i  regard  as   a 


15  ^ 

well-founded  supposition,  that  its  bills  would  be  readily  sought  for  by  the 
;public  creditors,  and  that  the  issue  would,  in  a  short  time,  reach  the  maxi- 
mum of  $15,000,000,  it  is  obvious  that  $10,000,000  would  thereby  be  add- 
ed to  the  available  means  of  the  treasury,  without  cost  or  charge.  Nor  can 
I  fail  to  urge  the  great  and  beneficial  effects  which  would  be  produced  in 
aid  of  all  the  active  pursuits  of  life.  Its  effects  upon  the  solvent  ;State 
banks,  while  it  would  force  into  liquidation  those  of  an  opposite  character 
through  Its  weekly  settlements,  would  be  highly  beneficial ;  and.  with  the 
advantages  of  a  sound  currency,  the  restoration  of  confidence  and  credit 
would  ibllow,  with  a  numerous  train  of  blessings.  My  convictions  are 
most  strong  that  these  benefits  would  flow  from  the  adoption  of  this  meas- 
ure ;  but,  if  the  result  should  be  adverse,  there  is  this  security  in  connex- 
ion with  It— that  the  law  creating  it  may  be  repealed  at  the  pleasure  of  the 
Legislature,  without  the  slightest  implication  of  its  good  faith. 

I  recommend  to  Congress  to  take  into  consideration  the  propriety  of  re- 
imbursing a  fine  imposed  on  General  Jackson,  at  New  Orleans,  at  the  time 
of  the  attack  and  defence  of  that  city,  and  paid  by  him.  Without  design- 
ing any  reflection  on  the  judicial  tribunal  which  imposed  the  fine,  the  re- 
mission at  this  day  may  be  regarded  as  not  unjust  or  inexpedient.  The 
voice  of  the  civil  authority  was  heard  amidst  the  glitter  of  arms,  and  obey- 
ed by  those  who  held  the  sword — thereby  giving  additional  lustre  to  a 
memorable  military  achievement.  If  the  laws  were  offended,  their  majesty 
was  fully  vindicated  ;  and,  although  the  penalty  incurred  and  paid  is  worthy 
of  little  regard  in  a  pecuniary  point  of  view,  it  can  hardly  be  doubted  that 
it  would  be  gratifying  to  the  war-worn  veteran,  now  in  retirement  and  in 
the  winter  of  his  days,  to  be  relieved  from  the  circumstances  in  which  that 
judgment  placed  him.  There  are  cases  in  which  public  functionaries  may 
be  called  on  to  weigh  the  public  interest  against  their  own  personal  haz- 
ards ;  and,  if  the  civil  law  be  violated  from  praiseworthy  motives,  or  an 
overruling  sense  of  public  danger  and  public  necessity'',  punishment  may 
well  be  restrained  within  that  limit  which  asserts  and  maintains  the  author- 
ity of  the  law,  and  the  subjection  of  the  military  to  the  civil  power.  The  de- 
fence of  New  Orleans,  while  it  saved  a  city  from  the  hands  of  the  enemy, 
placed  the  name  of  General  Jackson  among  those  of  the  greatest  captains 
of  the  age,  and  illustrated  one  ol  the  brightest  pages  of  our  history.  Now 
that  the  causes  of  excitement  existing  at  the  time  have  ceased  to  operate,  it 
is  believed  that  the  remission  of  this  fine,  and  whatever  of  gratification  that 
remission  might  cause  the  eminent  man  who  incurred  and  paid  it,  would 
be  in  accordance  with  the  general  feeling  and  wishes  of  the  American 
people. 

I  have  thus,  fellow-citizens,  acquitted  myself  of  my  duty  under  the  Con- 
stitution^ by  laying  before  you,  as  succinctly  as  I  have  been  able,  the  state 
of  the  Union,  and  by  inviting  your  attention  to  measures  of  much  im- 
portance to  the  country.  The  Executive  will  most  zealously  unite  its  ef- 
forts with  those  of  the  Legislative  Department  in  the  accomplishment  of 
all  that  is  required  to  relieve  the  wants  of  a  common  constituency,  or  ele- 
vate the  destinies  of  a  beloved  country. 

JOHN  TYLER. 

Washington,  December,  1842. 


CONGRESSIONAL    GLOBE    AND    APPENDIX. 


These  works  havesuch  awjde  circulation,  and  have  been  so  universally  approved  and  sought 
after  by  the  public,  that  we  deem  it  necessary  only  in  this  prospectus  to  say  that  they  will  be  • 
continued  at  this  session  of  Congress,  and  to  state,  succinctly,  their  contents,  tht;  form  in 
which  they  wi41  be  printed,  and  the  prices  for  them. 

The  Congressional  Globe  is  made  up  of  the  daily  proceedings  of  the  two  Houses  of  Congress. 
The  speeches  of  the  members  are  abridged,  or  condensed,  to  bring  them  into  a  reasonable  or 
readable  length.  All  the  resolutions  offered,  or  motions  made,  are  given  at  length,  in  the 
mover's  own  words  ;  and  the  yeas  and  nays  on  all  the  important  questions.  It  is  printed  with 
small  type — brevier  and  nonpareil — on  a  double  royal  sheet,  in  quarto  form,  each  number  con- 
taining'16  royal  quarto  pages.  It  is  printed  as  fast  as  the  business  done*in  Congress  furnishes 
matter  enough  for  a  number.  The  first  four  weeks  of  a  session  usually  furnish  matter  enough 
for  one  number  a  week;  and  the  balance  of  the  session  enough  for  two  or  three  numbers  a 
week.  The  present  session  of  Congress  will  furnush  matter  enough,  we  suppose,  for  twenty-five 
or  thirty  numbers. 

The  Appendix  is  madcap  of  the  President's  annual  message,  the  reports  of  the  principal 
officers  of  the  Government  that  acrompany'it,  and  all  the  long  speeches  of  members  .^^C  Con- 
gress, written  out  or  revised  by  themselves.  It  is  printed  in  the  same  form  as  the  Cc&igres- 
sional  Globe,  and  usually  makes  about  the  same  number  of  pages.  There  are  not  so  many  auni- 
bers  published  the  first  weeks  of  a  session  as  there  are  numbers  of  the  CongressionalGlpbe ; 
because  the  members  are  slow  in  writing  out  their  speeches.  But  towards  the  close  of  a  Ses- 
sion, the  numbers  are  published  more  frequently  than  the  Congressional  Globe.  ■. 

Each  of  these  works  is  complete  in  itself;  but  it  is  necessary  for  every  subscriber  who  de- 
sires a  full  knowledge  of  the  proceedings  of  Congress,  to  have  both ;  because,  then,  if  there 
should  be  any  ambiguity  in  the  synopsis  of  the  speech,  or  any  denial  of  its  correctness,  as  pub- 
lished in  the  Congressional  Globe,  the  reader  may  turn  to  the  Appendix  to  see  the  speech  at 
length,  corrected  by  the  member  himself.  . 

Now,  there  is  no  source  but  the  Congressional  Globe  and  Appendix,  from  which  a  perswi' 
can  obtain  a  full  history  of  the  proceedings  of  Congress.  Gales  and  Seaton's  Register  of 
Debates,  which  contained  a  history,  was  suspended  in  the  year  1837,  and  has  not  since  been 
resumed.  It  cost  about  five  times  as  much  for  a  session  as  the  Congressional  Globe  and  Ap- 
pendix, and  did  not  contain  an  equal  amount  of  matter,  a  great  portion  of  the  current  pro- 
ceedings being  omitted.  The  speeches  of  both  parties  are  published  in  the  Daily  Globe,  and  in 
the  Congressional  Globe  and  Appendix :  other  papers  publish  their  ov:n  side  only.  We  are  ena- 
bled to  print  the  Congressional  Globe  and  Appendix  at  the  low  rate  now  proposed,  by  having 
a  large  quantity  of  type,  and  keeping  the  Congressional  matter  that  we  set  up  for  the  Daily 
and  Semi-weekly  Globes  standing  for  the  Congressional  Globt-  and  Appendix. 

Complete  indexes  to  both  the  Congressional  Globe  and  the  Appendix  are  printed  at  the 
close  of  each  session,  and  sent  to  all  subscribers'  for  them. 

The  reports  of  tlie  Congressional  Globe  and  Appendix  are  not  in  the  least  degree  affected  by  the  party  bias  of  ihc 
Editors.  They  are  given  precisely  as  written  out  by  the  Reporters  and  the  Memhers  themselves.  And  the  whole  are 
subject  to  the  revision  and  correction  of  the  speakers,  as  they  pass  in  review  in  our  daily  sheet,  in  case  any  iniswnder- 
standiog  or  misrepresentation  of  their  remarks  should  occur.  We  make  a  daily  analysis  of  the  doings  m  Congress, 
and  give  our  opinions  in  it  freely;  but  this  is  published  only  in  the  Daily,  Semi-weekly,  and  Weekly' Globes.  The 
Daily  Globe  is  $10,  the  Semi-weekly  Globe  $5,  and  the  Weekly  Globe  82  per  annum,  in  advance.  The  WeeWy 
Globe  is  printed  in  the  same  form  as  the  Congressional  Globe  and  Appendix,  and  a  complete  index  made  to  it  a;  the 
end  of  each  year. 

Both  Houses  of  Congress  lake  the  Congressional  Globe  and  Appendix  for  their  committee  rooms  and  for  the  libra- 
ries of  Consriess.  So  confident  are  we  that  all  who  may  subscribe  for  these. works  will  be  pleased  with  them,  that  we 
hereby  pledge  ourselves  to  take  them  back  and  refunrt  the  money  to  all  who  shall  be  disealiffied.  If  any  persons  shail 
have  any  of  the  previous  v-ilumes  on  hand,  and  shall  wish  to  diepope  of  them,  if  they  will  send  them  to  ua,  (Vci  will 
send  to  them  the  like  number  of  the  future  volumes.  The  Whig  Members  of  Congress  who  did  notaubepribe  lor 
these  works  at  first,  are  now  almost  compelled  to  have  the  back  numbers,  to  enable  them  to  understand  the  previous 
legislation  of  Congress.    We  have  back  numbers  on  hand  ;  but  we  can  dispose  of  them,  and  all  that  may  be  retuTDed 

We  shall  print,  in  the  Congressional  Globe  and  Appendix  this  session,  all  the  correspondence  in  relation  to  the  late 
British  Treaty,  and  the  proceedings  and  speeches  in  the  Senate,  in  secret  session,  thereon.    The  first  number«f  the 
Congre; 
printed, 
the  work 


Congressional  Globe,  which  commences  with  the  proceedings  in  the  Senateand  the  correspondence,  has  already  beea 
printed.    We  have  printed  5,000  surplus  copies,  to  furnish  those  who  may  subscribe  hereafter  with  conjplete  copies  of 

TERMS. 


For  the  Congrcssianal  Globe,  SI  per  copy. 

For  the  Appendix,  $1  per  copy.  , 

Six  copies  of  either  of  the  above  works  will  be  S3nt  for  $5;  twelve  cbpies  for  ^.'0;  and  so  on  ir  p'.   p  rvic  .  nr 
greater  ntimber.      "^  . ,  .  ,  .  „^      ^ 

'  Payments  mhy  be  tiansmided  bv  msfil,  po^fage  paid,  at  our  nek.    By  a  ru^e  of  th  e  Post  Office  X'- 
masters  are  permitted  to  frank  letters  written  by  themselves,  containing  money  for  s^tscriptions. 

The  notes  of  any  bank,  current  where  a  subscriber  resides,  will  be  received  by  us  at  jfsr. 

ToiUBure  all  the  nun-ibers,  the  subscriptions  should  be  in- Washington  by  the  1st  Jahvn^  next.  a'.  far;l,;:!t. 

xr^^o  atlmtimicillb^.paidto  any  ordnriinlssi  Uti^moTiey  accompaniesit,        ,-  .  ,.■• 

'^  /  .  '  BLAIR   *  iftVES 

\v.-.-,rTv,-.Tf.>.T  Pttv.  rir-rr,  her  C.  l?4-3. 


